So you have made the plunge into becoming one of Orlando’s property managers. You have purchased one or even several properties that you are planning to rent out, on a monthly basis. The good news is that you stand to make a really nice return on your investment if you handle the properties in the proper manner. The bad news is that you stand to lose everything you have if you fail to manage the properties effectively. When it comes to realty, you need to have a basic understanding of what is expected of a landlord and what is not expected.
The main duty of the landlord is to provide a habitable home for the renter. This means that all city and state codes are met. The home is free of pests and hazardous materials. The home must have adequate heating, electricity, and plumbing. The property must be structurally sound, as well. These are the basics. To understand them better, let’s list a few crucial points.
The Warranty of Habitability
Under the warranty of habitability, managers have the responsibility to provide the amenities that the renter needs to live. In essence, this warranty is the landlord giving his or her word that she/he will keep the property in proper living conditions. This agreement does not state that the Orlando home or property must be aesthetically pleasing. As the landlord, you are not required to meet these demands.
While the primary responsibility of the landlord is to keep the home in livable condition, they are also responsible for making timely repairs when notified of the issues. An example would be the hot water heater leaking or simply not working. This must be addressed by the landlord in a timely manner or else the tenant would have the legal option of suing. However, a landlord is not responsible for repairing damage caused by the tenant or any of the tenant’s guests. This responsibility falls squarely on the person who is renting. Proper maintenance is one of the key Orlando realty issues you could encounter.
Under state law, the security deposit of a renter must be returned to the renter at the end of the lease agreement. The only time this is not applicable is if the tenant has left the property in worse condition than would be deemed typical living wear and tear. If the landlord determines that the security deposit must be withheld from the tenant, an itemized list must be presented to illustrate the costs associated with the renter’s actions.
Proper Due Diligence is Necessary
It is the responsibility of the landlord to routinely inspect the property for any defects that might exist. This could be something as simple as a faulty light switch or as serious as a total sewer line failure. Regardless of the issue, it is up to the landlord to properly find the issues and repair them accordingly. Failing to do so will give the renter legal recourse.
When it comes to becoming one of the best Orlando property managers there is, you need to have a proactive attitude towards your properties and their proper care. Not only will this help your properties retain their value but it will also establish a better relationship between the tenant and the landlord.